USD/CAD: One-Way-Street Bearish Run
The 3rd touch of a descending trendline, which coincided with bearish microdynamics in the DXY and Oil inverted leads to a ferocious sell-off in the exchange rate.
The pair looks overextended but the close on the daily alongside the deterioration in intermarket studies across the board implies further follow through not to be ruled out.
The pair remains driven by the performance of the DXY and the US-CA bond yield spread, with Oil recently not acting as reliably to gauge the directional bias.
In favor of the bull case, the macro slope based on the DXY and the one derived off the pair’s pricing remain with a slight upward angle, which may still draw significant macro bids interest.
The pair looks overextended but the close on the daily alongside the deterioration in intermarket studies across the board implies further follow through not to be ruled out.
The pair remains driven by the performance of the DXY and the US-CA bond yield spread, with Oil recently not acting as reliably to gauge the directional bias.
In favor of the bull case, the macro slope based on the DXY and the one derived off the pair’s pricing remain with a slight upward angle, which may still draw significant macro bids interest.
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